Things To Be Aware Of Before You Purchase A Home

It cannot be denied that mortgage interest rates are very low at present. Plus, although they are rising, home prices are still affordable. However, it is important to understand that these two factors do not automatically make any property a good purchase. The market currently favors the buyer. However, you do have to exert due diligence before you buy. There are various red flags that will tell you not to buy a property. Some problems can be fixed, of course, but sometimes you should just move on. There are two things you definitely have to look into.

Firstly, always look at the neighborhood. Are there many homes for sale and many boarded up shops? Speak to others in the street and ask them about the community. Also check out the land. Foundations could be damaged by rain water if the yard slopes downwards to the property. Use your nose: bad smells in or out the property are a bad sign. Also look for bugs and insects. Make sure you speak to others in the street about this, as they are likely to know about pests.

The second important thing is to look into whether the home you are considering is going through foreclosure or is in short sale. Although it is true that these are the cheapest properties, they are also often in poor condition and in bad neighborhoods.

The reality is that you are the only one who can decide whether or not to buy a property. Also, homes with problems are often available at much cheaper prices. However, if you find you have purchased a true money pit property, or that it is impossible to sell it at a later date, then is it really worth it? Do always remember that a house is more than just bricks and mortar, but rather a place for people to build memories in, and those should be good memories. Although it is certainly true that you should look into the condition of the actual property, focusing on the neighborhood is equally important. To check on the actual property, all you really need to do is hire the services of a property inspector. When it comes to the neighborhood, however, you need to have a personal feel, something that cannot be achieved by a check box list.